For Immediate Release                      Media Contact:    Hannah Burns
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                                                             Stewart Prosser

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                           SIR CHRISTOPHER GENT JOINS
                       LEHMAN BROTHERS' BOARD OF DIRECTORS
                     -Chief Executive of Vodafone Group Plc.-

NEW YORK, July 10, 2003 - Lehman Brothers, the global investment bank, today
announced the appointment of Sir Christopher Gent as a non-executive director to
its Board of Directors. He will join the Board on September 1, 2003.

Sir Christopher is currently chief executive of Vodafone Group Plc., one of the
world's largest mobile telecommunications companies, and will retire from the
company and its Board of Directors on July 30, 2003.

In a career spanning 36 years, Sir Christopher has held senior positions with
NatWest, Schroder Computer Services, and ICL. He joined Vodafone in August 1985
as managing director of Vodafone Limited and was appointed chief executive in
January 1997, helping the company to become one of the largest in Europe and the
largest in its industry worldwide. As a result of his leadership at Vodafone and
his contributions to the telecommunications industry, he was knighted in June
2001.




                                     -more-
Commenting on his appointment, Richard S. Fuld, Jr., chairman and chief
executive officer of Lehman Brothers, said, "I am delighted that Sir Christopher
has joined Lehman Brothers' Board. His leadership at Vodafone was instrumental
in driving the telecommunications industry forward and his energy and vision
guided the company's rapid expansion. Sir Christopher's global business
experience and perspective will be of tremendous value to the Board and to the
Firm."

Sir Christopher joins the existing seven non-executive directors at the Firm.

Sir Christopher said, "I am so pleased to be joining the Board of Lehman
Brothers and look forward to playing a part in expanding what is already a very
successful franchise."


Lehman Brothers (ticker symbol NYSE:LEH), an innovator in global finance, serves
the financial needs of corporations, governments and municipalities,
institutional clients, and high-net-worth individuals worldwide. Founded in
1850, Lehman Brothers maintains leadership positions in equity and fixed income
sales, trading and research, investment banking, private equity and private
client services. The Firm is headquartered in New York, London, and Tokyo and
operates through a network of offices around the world. For further information
about Lehman Brothers please visit our Web site at www.lehman.com.

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